Bill > HB1218

This bill relates to a one-time cost-of-living adjustment applicable to certain benefits paid by the Teacher Retirement System of Texas. The bill requires the retirement system to make a one-time cost-of-living adjustment, up to 6% or $100 per month, for eligible annuitants, such as retirees, beneficiaries, and alternate payees, whose effective retirement or benefit start date was on or before August 31, 2021. The adjustment does not apply to certain annuity payments with fixed amounts specified in statute. The bill takes effect immediately if it receives a two-thirds vote of both houses, or on September 1, 2023 if it does not receive the necessary votes for immediate effect.